Creditors of The Bon-Ton Stores are looking to buy and liquidate the regional department store chain, which employs 20,000 workers.
A rival investor group that includes two mall owners also hopes to buy The Bon-Ton Stores in a bankruptcy court-supervised auction Monday and keep the business alive, but faced a setback in court last week.
U.S. Bankruptcy Judge Mary Walrath in Delaware decided the investment group, which consists of alternative asset manager DW Partners, commercial real estate investment and management firm Namdar Realty Group, its partner Mason Asset Management and retail real estate investment trust Washington Prime G…
Read the full article at: http://www.pantagraph.com/news/local/bergner-s-parent-company-could-be-saved-or-liquidated-in/article_df20d6e9-3120-5967-9b12-913b5e073eed.html
The Insolvency and Bankruptcy Code (IBC) introduced by the Narendra Modi government in December 2016 to fix the banking sectors bad loans problem has over the last 16 months been a mixed bag, with borrowers and disgruntled bidders increasingly exploiting vagueness in some key provisions of the code to stall bankruptcy proceedings.
The financial bidding process was expected to be wrapped up by the end of January 2018 for 12 large corporate loan accounts referred by the lenders to the National Company Law Tribunal (NCLT) following the Reserve Banks of Indias (RBI) directive last year. These companies together account for Rs1.75 trillion of bad loans.
However, bankruptcy proce…
Read the full article at: http://wap.business-standard.com/article/economy-policy/a-year-later-the-insolvency-and-bankruptcy-code-is-still-work-in-progress-118041700025_1.html
A rival investor group that includes two mall owners also hopes to buy The Bon-Ton Stores in a bankruptcy court-supervised auction today and keep the business alive, but faced a setback in court last week.
U.S. Bankruptcy Judge Mary Walrath in Delaware decided the investment group alternative asset manager DW Partners, commercial real estate investment and management firm Namdar Realty Group, its partner Mason Asset Management and retail real estate investment trust Washington Prime Group couldn’t collect a $500,000 fee from The Bon-Ton Stores to do due diligence into the purchase.
She ruled a work fee was not allowed by the biddi…
Read the full article at: http://jg-tc.com/news/local/state-and-regional/bid-to-save-carson-s-parent-company-from-liquidation-faces/article_0356d5f6-6590-5863-b3a3-04117d82e309.html
Mobility solutions developer and consulting firm, Airdata, has gone into administration after more than a decade in operation.
The Sydney-based company, which makes a range of software solutions for mobility and Internet of Things (IoT) applications, claims Motorola, Microsoft, Apple and Datalogic among its vendor partners.
The company entered into voluntary administration on 9 April, with Worrells Solvency & Forensic Accountants Western Sydney partner, Graeme Beattie, appointed as the sole administrator.
According to Worrells, Airdata has been providing IT development and support services to large Austral…
Read the full article at: https://www.arnnet.com.au/article/639471/sydney-airdata-enters-administration/
Jamie Olivers dream of buying back the farm in Australia is over.
The Jamie Oliver Restaurant Group (Australia) Pty Ltd collapsed on Monday, with the company being placed in the hands of voluntary administrators less than 12 months after the British celebrity chef visited Australia to relaunch the six local restaurants bearing his name.
Oliver bought them from another failed company in March 2017.
The Canberra outlet closed immediately on Monday. The remaining five sites, in the Sydney CBD, Parramatta, Brisbane, Perth, and Adelaide, will continue to operate, salvaged by a last-minute sale to Brisbane-based Hallmark Group, best known for the Irish bar Finn McCools.
The collapse comes just weeks after the dept…
Read the full article at: https://www.businessinsider.com.au/jamie-olivers-australian-restaurant-group-has-collapsed-2018-4
Canadians Increasingly Feeling the Impact of Higher Interest Rates
The MNP Consumer Debt Index is now at an all-time low, dropping four points since December.
MNP Ltd.
CALGARY, Alberta, April 16, 2018 (GLOBE NEWSWIRE) — The latest MNP Consumer Debt Index research foreshadows trouble ahead for indebted Canadians underlining widespread concern over rising interest rates. A growing number (43%) of Canadians say they are already feeling the effects of higher interest rates (u…
Read the full article at: http://www.globenewswire.com/news-release/2018/04/16/1471798/0/en/Latest-MNP-Consumer-Debt-Index-foreshadows-trouble-ahead-for-indebted-Canadians.html
Besieged department store Myer has brought in high-profile restructuring and insolvency administrator Mark Korda to help it try to squeeze out from under suffocating leases.
It is understood Mr Korda, a partner at KordaMentha who has worked on collapses spanning from Ansett to last year’s Network Ten administration, was brought in about three weeks ago to help Myer’s executive chairman Garry Hounsell negotiate with landlords.
Myer is undergoing crucial talks with its landlords.
Photo: Jessica Shaprio
Mr Hounsell, who is running Myer while it looks for a new CEO, has said he would meet landlords to negotiate rent rates and lease tenure for its 63 stores on a “whole portfolio basis” and has not ruled out more store closures.
Myer’s legacy…
Read the full article at: https://www.smh.com.au/business/companies/myer-calls-in-big-gun-mark-korda-to-soften-up-landlords-20180416-p4z9xs.html
NEW YORK–(BUSINESS WIRE)–Richards Kibbe & Orbe LLP announced today that Christopher
Andrew Jarvinen, an accomplished bankruptcy attorney possessing
nearly two decades of experience handling complex business and
litigation issues arising in the context of corporate restructurings,
has joined the firm as a partner in its New York office.
Over the course of his career, Christopher has built an impressive
practice specializing in bankruptcy litigation and restructuring deals,
and we are thrilled to welcome him to the firm, said Jennifer
Grady, managing partner of RK&O. He is an ideal complement to our
bankruptcy, restructuring and special situation…
Read the full article at: https://www.businesswire.com/news/home/20180416005842/en/Bankruptcy-Restructuring-Attorney-Christopher-Andrew-Jarvinen-Joins
The Insolvency and Bankruptcy Board of India has penalised the interim resolution professional of Electrosteel Steels Ltd., Dhaivat Anjaria, for neglecting the claims of an operational creditor of the company.
IBBI has directed Anjaria to deposit one tenth of his total fee as resolution professional in the corporate insolvency resolution process of Electrosteel Steels within a month for utterly disregarding his statutory duty.
I, therefore, in exercise of the powers conferred under Section 220 (2) of the Code… hereby, impose a monetary penalty equal to one tenth of the total fee payable to him as IRP and RP in the CIRP of Electrosteel Steels Ltd., Mukulita Vijayawargiya, disciplinary committee and whole time member said in the orde…
Read the full article at: https://www.bloombergquint.com/insolvency/2018/04/16/electrosteel-resolution-professional-penalised-for-neglecting-claims